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American corporations hope to use Indian insurance companies, for nuclear build in India

GE, Westinghouse keen to take nuclear insurance from Rs 1,500-crore pool BY SHILPY SINHA, ET BUREAU JUN 12, 2017 MUMBAI:After years of stonewalling, India is poised to open up its nuclear liability cover to equipment suppliers, with GE and Westinghouse showing interest in taking insurance from the pool.

“We are seeing interest from global nuclear suppliers to buy the policy to cover their liabilities,” said Alice Vaidyan, chairman and managing director, General Insurance Corporation of India. 

The move to cover suppliers has long been hanging fire. he Rs 1,500-crore nuclear insurance pool — put in place by the department of atomic energy in June 2015 and set up by GIC and other insurance companies- provides insurance coverage to operators and suppliers for any nuclear liability towards the third party under the Civil Liability of Nuclear Damage Act, ……

GIC has put in the bulk of the capacity, followed by New India Assurance, which administers the policy. New India Assurance Company issued a policy to National Power Corporation of India and covers all its plants for liability to the public in the event of accidents specified in the policy.
With the law not permitting inspection of Indian nuclear reactors by foreign reinsurers, the responsibility of building the company lies with domestic reinsurers. http://economictimes.indiatimes.com/industry/energy/power/ge-westinghouse-keen-to-take-nuclear-insurance-from-rs-1500-crore-pool/articleshow/59100006.cms

June 12, 2017 - Posted by | business and costs, India, USA

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